Trump loyalist Kevin Hassett described a study from the Federal Reserve Bank of New York as 'an embarrassment'. Photograph: Anna Moneymaker/Getty ImagesKevin Hassett, the White House’s resident tariff optimist, has identified a new threat to the republic: a fairly standard economics paper. The director of the national economic council and Trump loyalist described a new study from the Federal Reserve Bank of New York as “an embarrassment” – indeed, “the worst paper I’ve ever seen in the history of the Federal Reserve system”. Trump previously called on Goldman Sachs to replace its chief economist, Jan Hatzius, over his tariff predictions. The New York Fed is independent, and its papers carry the usual disclaimer distancing the institution from the authors’ views.

Source: The Irish Times February 22, 2026 13:45 UTC